Please solve part 1 and 2

Gallop Corporation prepared the following report for the first quarter of this year: $6,480,000 3,232,000 3,248,000 Sales (@ $2,700 per unit) Less: Cost of goods sold Gross margin Less Selling expenses Administrative expenses Income $1,044,000 1,040,000 2,084,000 $1,164,000 Gallop's controller, Nancy Johnstone, studied the costs in detail, particularly focusing on cost behaviour. Her analysis revealed t following: Fixed portion of the cost of goods sold for the quarter amounted to $1,024,000. Of the selling expenses, 20% was variable with respect to the number of units. . All of the administrative expenses were fixed. Required: 1. Express the cost of goods sold and the selling expenses in terms of cost equations. (Round the "Variable cost" to 2 decimal places.) Y = + Cost of goods sold Selling expenses per quarter per quarter Y = + x 2. Redo the above income statement using a contribution margin approach. (Do not round intermediate GALLOP CORPORATION Income Statement For the First Quarter of this Year Less: Variable costs Less: Fixed expenses